89-100 Ordinance - Laserfiche WebLink

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"Legislative Authority" means the City Council of the Issuer. "Letter of Credit" means the Original Letter of Credit or any Alternate Letter of Credit. "Letter of Credit Bank" means (a) National City Bank, a national banking association organized and existing under the laws of the United States of America, as the issuer of the Original Letter of Credit, and its successors and assigns or (b) the financial institution or other entity issuing any Alternate Letter of Credit, and its successors or assigns. "Loan" means the loan by the Issuer to the Borrower of the proceeds received from the sale of the Project Bonds. "Loan Agreement" means the Loan Agreement dated as of December 1, 1989 between the Issuer and the Borrower, as or supplemented. "Loan Payments" means the amounts required to be paid by the Borrower in repayment of the Loan pursuant to the provisions of the Project Note and Sections 2.01 and 2.02 of the Loan Agreement. "Mortgage" means the Open-End Mortgage and Security Agreement dated as of December 1, 1989, granted by the Borrower to the Letter of Credit Bank, as or supplemented. "One Month Interest Rate" means (a) the rate of interest per annum determined by the Remarketing Agent, on the Interest Rate Determination Date immediately preceding the applicable Interest Rate Adjustment Date, to be the interest rate necessary, during the Interest Rate Period commencing on the applicable Interest Rate Adjustment Date and ending on the last day of the month in which the Interest Rate Adjustment Date occurs, in the judgment of the Remarketing Agent (taking into consideration current transactions and comparable securities with which the Remarketing Agent is involved or of which it is aware and prevailing financial market conditions) to produce as nearly as practical a par bid for the Project Bonds on the Interest Rate Determination Date or (b) in the event that the Remarketing Agent has been removed or has resigned and no successor has been appointed, or the Remarketing Agent has failed to determine the One Month Interest Rate for whatever reason, or the One Month Interest Rate cannot be determined pursuant to clause (a) for whatever reason, the interest rate then in effect with respect to the Project Bonds, without adjustment; provided that in no event shall the One Month Interest Rate exceed 12~ per annum. "One Year Interest Rate" means (a) the rate of interest per annum determined by the Remarketing Agent, on the Interest Rate Determination Date immediately preceding the applicable Interest - 6 -